Venezuelan state oil company PDVSA's exports to Asia and the Americas fell last year though shipments to Europe increased, according to a preliminary government report issued this month. The OPEC country's Oil Ministry did not explain the overall drop in exports in its report to Parliament, though ebbing oil output at mature fields and refinery problems towards the end of the year are likely to have crimped shipments. Asia remained PDVSA's top market last year as Venezuela has sought to diversify away from North America, though shipments to Asia clocked a roughly 8.3 percent drop to 953,000 bpd. Exports to North America fell about 4.8 percent to 837,000 bpd and those to Latin America dropped 8.5 percent to 418,000. European deliveries increased 11.9 percent to 132,000. Exports to regional allies under favorable terms dropped last year, part of a trend of Venezuela cutting back on such deliveries amid a severe economic crisis at home. Around 77,000 barrels per day were sent to key ally Cuba, the report said. It did not provide comparative data, but the figure suggests shipments to the Caribbean island have dropped significantly. Likewise, exports under regional cooperation agreements such as Petrocaribe fell to 101,000 bpd last year from around 122,000 in 2013.
State-run Romanian Black Sea shipyard Santierul Naval Constanta expects to cut losses this year and to upgrade facilities to make it more attractive ahead of its sell-off, an official said. "Declining traffic in the Constanta Port last year, mainly due to the Yugoslav conflict, has affected our 1999 results," Dan Mocanu, head of the shipyard's privatization department, said. He said the shipyard had losses of $21.9 million last year, but revived port activity was expected to trim these to $7
Arab Shipbuilding and Repair Yard Company (Asry) said that it expected net operating income to reach about $135 million by the end of this year, compared to $111 million last year. The board praised the notable improvement in sales and net profit after depreciation till the end of October, which is estimated at $11.5 million, an 88 percent increase over the net profit for the same period last year of $6.1 million.
Houma, La.-based Gulf Island Fabrication reported steady earnings and higher revenue recently. The company’s net income during the quarter that ended Sept. 30 was $10m, the same amount it earned for the period one year ago. On a diluted per share basis, Gulf Island earned 70 cents in the recent quarter, compared with 72 cents last year. However, Gulf Island reported revenue for the recent quarter was $124.9m, up from $89.7m last year.
Offshore oil driller Global Marine Inc. announced that first quarter earnings fell sharply compared with the same period of 1999, but showed signs of stabilization after a steady decline in earnings since mid-1998. After a restructuring charge, net income fell to $12.6 million from $36.8 million in the first quarter of 1999. Its earnings were more or less steady with the final quarter of last year. Revenues totaled $204 million compared to $228 million in the comparable period last year
Newport News Shipbuilding reported net earnings of $20 million, or $.58 per diluted share for the third quarter of 1999. Earnings before interest and taxes (EBIT) for the quarter were $47 million, up 9 percent from EBIT of $43 million in the same period last year. NNS posted third quarter revenues of $451 million versus $462 million in the third quarter last year.
According to a report from Ebeling Heffernan, China Shipbuilding Industry Co. (CSIC), the country’s northern shipbuilding giant, said its net profit last year rose 7.28% to about $246b. Due to a recovery in the Global shipbuilding market and a rise in orders, shipbuilding business has increased business 38.17% from the same period last year, it said. (SourceL Ebeling Heffernan)
Import volume at the nation’s major retail container ports is expected to drop 8.4 percent in February from the same time last year as the shipping cycle reaches its slowest month of the year, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates. “Ports and distribution centers are getting the break they deserve after the busy holiday season, but it won’t last long
Shares of Neptune Orient Lines Ltd (NOL) slumped as much as 6.8 percent on Monday morning after it said it expects to book a profit for the full year but that the results would be much lower than the previous year. The world's sixth largest container ship operator fell to a 17-month low of S$1.08 before crawling back to S$1.11, down $0.05 in moderate trade of more than two million shares. The Singapore Exchange had suspended the stock after its president and CEO Flemming Jacobs warned of
U.S. ports continued to post positive tonnage numbers in October. The Seaway’s year-to-date total cargo shipments from March 22 to October 31 were 29 million metric tons, up 2 percent from the same period last year. “With just two months left in the 2011 navigation season, the Seaway is on track to meet its projected seven percent improvement over last year’s tonnage performance,” says Rebecca Spruill
Vietnam's new submarines could alter the balance in the South China Sea quite dramatically, say maritime security analysts. Vietnam and China have long contested claims over the Spratly and Paracel islands, including last year's dispute over China's attempted oil drilling and
Turkey owned merchant ship flying the flag of Tuvalu was arrested by Ukrainian authorities over a visit it made to a port in Crimea, reports Reuters. The ship's captain detained. Tuvalu-registered 5,095 deadweight ton ship Kanton was being held in the Ukrainian port of Kherson
Ukrainian authorities have arrested a Turkish-owned cargo ship and detained its captain over a visit it made to a port in Crimea after Russian annexed the peninsula from Ukraine last year. Prosecutors said the Tuvalu-registered 5,095 deadweight tonne ship Kanton was being held in the
The world’s biggest shipbuilder, Hyundai Heavy Industries (HHI), held its 41st Annual General Meeting of Shareholders in Ulsan, South Korea. The meeting agenda included approval for the financial statements, and the ceiling for the Board of Directors’ remuneration as well as
Hamburg Süd christened its third container vessel in the new San class yesterday, officially naming newbuild San Vicente at the Cuenca del Plata terminal in Montevideo. The new ship class in the Hamburg Süd fleet has a nominal container slot capacity of around 9
The Paducah-McCracken County Riverport Authority and Ingram Barge Company has announced plans to assess the viability of Intermodal River Transportation, utilizing the largest flat-top crane in North America owned by the Paducah Riverport Authority and Ingram’s towboats and barges.
Taiwan's yacht industry saw its first double-digit growth in nearly a decade, indicating an inspiring revival led by development and sales of larger leisure boats, reports Chinese newspaper Commercial Times. The export value of Taiwan-made yachts hit US$172 million, up 13
Global marine engineering consultancy LOC Group (London Offshore Consultants) announced appointments in two new positions; John Quarrington has joined the company in London as Group Marine Warranty Surveying Manager and Mark McGurran has been appointed to the Singapore office in the role of Asia
Royal Thai Navy (RTN)'s plan to buy submarines is on again with strong backing from Defence Minister Prawit Wongsuwon who wants Thailand’s fleet to be on par with neighbouring countries. Defence minister Prawit Wongsuwon was quoted as saying by Bangkok Post on Wednesday
Brent oil prices rose on Wednesday as the euro strengthened against the dollar following a boost in business morale in the euro zone's top two economies. The euro was up 0.6 percent against the dollar, the currency in which crude oil futures trade. The dollar lost 0
2014 was the safest for world shipping in a decade according to the Allianz Global Corporate & Specialty SE’s (AGCS) third annual Safety and Shipping Review 2015. Global shipping losses continued their downward trend with 75 reported in last year.
A plan to attract private investment to Brazil's strained port infrastructure is even more important in the face of federal budget cuts that will curb public investment, Brazilian Ports Minister Edinho Araújo said in an interview.
Norwegian authorities have given the Stavanger-based energy giant Statoil the go-ahead on joint projects with Rosneft, a Russian oil titan that was the target of Western sanctions in 2014. Statoil and Rosneft previously agreed on four projects to explore and produce oil on the Russian
European Union state aid regulators have ordered Greece to recover certain illegal fiscal benefits granted to Piraeus Container Terminal (PCT) and its parent company Cosco Pacific Ltd, says a report in Reuters. The European Commission found that Greece inappropriately granted tax
Lithuania's state-owned energy group Lietuvos Energija said on Monday national rules had to be changed to allow it to sell some liquefied natural gas (LNG) cargoes it had contracted from Norway's Statoil in the global market as domestic demand falls.